Revolut announces record profits in 2023 annual report

Revolut card in London
Editorial credit: Shutterstock

Revolut has unveiled record profits after publishing its Annual Report for the year ending 31 December 2023.

In the report, Revolut has outlined several areas in which the company has improved from the previous year, with record profits (before tax) of £438m, marking a third profitable year for the business. 

Another improvement highlighted by Revolut was the Group’s revenue. This figure improved from £0.92bn in 2022 to £1.8bn, indicating an increase of 95%.

Diversification in revenue remained positive for Revolut as no single product stream or country accounted for more than 30% of total revenue throughout the year, despite adding several products to its portfolio.

In terms of people, Revolut added almost 12 million new customers globally over the year, the highest YoY increase in the company’s history, bringing the total to 38 million in 2023. This figure has continued to grow into 2024 as the total reached 45 million in June.

This growth trend was replicated on the retail side also. The report shows that 70% of new retail customers joined organically or were referred by a peer, which was complemented by further investment into marketing and sales functions, including for Revolut Business which was onboarding 20,000 SMEs each month by the end of the year.

Nik Storonsky, CEO of Revolut, commented: “This year, we took our biggest steps yet on our mission to deliver the best product and the best customer experience at great value to customers, everywhere. 

“Our customer base is expanding at impressive rates, and our diversified business model continues to fuel exceptional financial performance, delivering revenues of over $2.2bn in 2023 and a record profit before tax of $545m. With a net profit of $428m, 2023 was our third profitable year in a row.”

The company doesn’t plan to revel in its success for too long, however. Revolut has set out plans to continue growth by launching its existing suite of products in more markets.

Products launched in the first six months of 2024 include eSIMs that allow customers to buy phone data packages through the Revolut app, a loyalty programme named RevolutPoints and Revolut Robo-Advisor, a semi-automated tool that uses algorithms to manage investment portfolios.

Storonsky added: “Every day, our products create value for new customer segments and new global markets. We remain committed to our ongoing UK banking licence application in addition to bringing the Revolut app to new markets and customers around the world. 

“Even as we reached 45 million global retail customers six months into 2024, Revolut remains poised for exponential growth in 2024 and beyond, continuing to redefine the financial services landscape as we’ve known it.”